Author: admin

Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, people familiar with the matter said, potentially spelling the end for the 126-year-old U.S. department store chain.

If Sears liquidates its assets, it would become one of the most high-profile victims in the wave of bankruptcies that has swept the retail sector in the last few years, as the explosion in online shopping exacerbates the fierce price competition facing brick-and-mortar stores.

In a stark contrast of the diverging fortunes of e-commerce firms and many physical retailers, Amazon.com Inc became the world’s most valuable company for the first time this week, reaching a market capitalization of close to $800 billion.

Continue reading “Sears to ask bankruptcy judge for approval to liquidate”

The U.S. Supreme Court on Monday handed a defeat to Merck & Co (MRK.N) by refusing to hear its appeal of a ruling that it had dishonestly obtained patent rights and could not collect a $200 million verdict against rival drugmaker Gilead Sciences Inc (GILD.O) in a dispute involving blockbuster hepatitis C drugs.

A jury awarded Merck $200 million in 2016 after finding Gilead’s Hepatitis C drugs Sovaldi and Harvoni infringed two of its patents, but a judge later ruled the patents unenforceable because of a pattern of misconduct by Merck including lying under oath by one of its in-house lawyers.

Merck had urged the Supreme Court to place limits on the doctrine of “unclean hands” that can prevent plaintiffs from winning lawsuits if they acted in bad faith.

Continue reading “Merck loses bid to revive $200 million Gilead verdict at U.S. high court”

The U.S. Supreme Court on Monday cleared the way for the attorney general of Massachusetts to obtain records from Exxon Mobil Corp(XOM.N) to probe whether the oil company for decades concealed its knowledge of the role fossil fuels play in climate change.

The justices declined to hear Exxon’s appeal of a ruling by the top court in Massachusetts holding that state Attorney General Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors.

Continue reading “U.S. top court rejects Exxon in climate change document dispute”

Shares of U.S. health insurers, hospitals and healthcare companies fell on Monday in the aftermath of a ruling by a federal judge in Texas that the Affordable Care Act (ACA), commonly called Obamacare, was unconstitutional.

Many legal experts predicted U.S. District Judge Reed O’Connor’s decision on Friday eventually will be reversed on appeal considering that the law has been upheld by the Supreme Court, but the uncertainty created by the ruling drove down healthcare stocks on Monday.

O’Connor agreed with a coalition of Republican officials from 20 states that Obamacare was unconstitutional based on its mandate requiring that Americans obtain medical insurance. The judge refused the states’ request to issue an injunction immediately blocking 2010 law that was championed by Democratic former President Barack Obama from being enforced.

Continue reading “U.S. healthcare stocks drop after judge rules Obamacare unconstitutional”

The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

The concerns raised by the Fed, which have not been previously reported, are likely to increase the time it takes the central bank to lift an asset cap it imposed on Wells Fargo in February following a string of sales practices scandals.

The bank must draw up a robust plan to improve its governance and risk management controls before the Fed will lift the cap and in February Wells Fargo Chief Executive Tim Sloan said the bank was “on the fast track” to meeting those conditions.

Continue reading “Wells Fargo reform plans fail to satisfy Fed after scandals: sources”